Source: Cointelegraph
Original: “DigiAsia's Stock Price Soars 90% After Indonesian Company Plans to Raise $100 Million to Buy Bitcoin (BTC)”
Indonesian fintech company DigiAsia Corp (FAAS) saw its stock price nearly double after announcing plans to raise $100 million to initiate its multiple Bitcoin purchasing program.
The Jakarta-based, Nasdaq-listed company stated on May 19, 2025, that its board has approved the creation of a Bitcoin (BTC) "reserve" and "committed to using up to 50% of its net profits to purchase BTC."
DigiAsia also mentioned that the company is "actively exploring capital raising of up to $100 million" to kickstart its Bitcoin holdings and will earn returns on its holdings through methods such as lending and staking.
The company stated it has "engaged in preliminary discussions with regulated partners regarding the yield strategy and management plan for its Bitcoin holdings." Additionally, DigiAsia is evaluating whether to offer convertible notes or crypto financial instruments related to its planned Bitcoin holdings.
According to Google Finance, DigiAsia Corp (FAAS) saw its stock price rise over 91% to 36 cents at the close on May 19, prior to the announcement of its Bitcoin plans.
However, after the close, DigiAsia's stock price fell 22% to 28 cents. The company's stock has dropped nearly 53% this year, having peaked at nearly $12 in March 2024.
In a financial update on April 1, 2025, DigiAsia reported a 36% year-over-year increase in revenue for 2024, reaching $101 million. The company expects a 24% revenue growth in 2025, reaching $125 million, with a pre-tax and interest profit of $12 million.
An increasing number of companies are incorporating Bitcoin into their corporate holdings, a trend promoted by Michael Saylor's Strategy (formerly MicroStrategy), which is the largest publicly traded company holding Bitcoin, with 576,230 BTC valued at nearly $60.9 billion.
Strive Asset Management announced on May 7 that it would transform into a Bitcoin reserve company, while video game retailer GameStop Corporation (GME) completed a convertible debt issuance on April 1, raising $1.5 billion, part of which will be used to purchase Bitcoin.
According to Bitbo data, corporate Bitcoin reserves hold over 3 million Bitcoins, valued at over $300 billion.
Blockstream co-founder and CEO Adam Back predicts that companies focusing on Bitcoin reserves are driving global adoption and could push Bitcoin's market value to $200 trillion within the next decade.
Bitcoin's market capitalization is currently around $2 trillion, with the BTC price at $105,642, up 2% in the past 24 hours.
Related: Fidelity Executive: Bitcoin (BTC) Trading Enters Six-Figure Territory, Ready to Take the "Torch" from Gold
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